Call CitiMortgage Today!
CitiMortgage Inc. is holding a Mortgage Assistance Call-a-thon taking place from 7:00 AM December 15, 2010 until 1:00 AM on the morning of December 16, Eastern Standard Time.
This is for CitiMortgage customers who need help with their mortgage, or have questions about a loan modification. Customers who have concerns about their ability to pay their mortgage can call the company’s foreclosure prevention centers for information and advice. The Call-a-thon, will have an increased number of senior managers and supervisors for additional support. Visit http://www.citimortgage.com/ for more info.
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Bank Complaints Soar
Complaints against banks are soaring, suggesting that new laws and regulations put in place since the financial crisis two years ago aren’t dampening Americans’ anger over overdraft fees and foreclosure practices they view as unfair.
If the trend continues, experts say, it will set banks on a collision course with their customers and lead to tougher rules that will hurt their earnings.
The Office of the Comptroller of the Currency estimates that complaints from customers of the 1,500 banks it regulates will hit 80,000 this year. That would be the highest level in the 15 years it has recorded them and more than double the 2008 total. The Better Business Bureau and state attorneys general also report big increases.
Complaints about mortgages and foreclosures surged to the top spot this year. The OCC estimates that the number of grievances it will receive about home loans will almost double this year to 36,000 from 19,669 last year. That’s not surprising: Banks are fighting lawsuits over these issues in several states and are being investigated by all 50 state attorneys general on how they conduct foreclosures.
read more@http://abcnews.go.com/Business/wireStory?id=12357543
Shawn
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5 Ways Banks Are Taking Advantage of Homeowners
1) Homeowners were not in default but faced foreclosure due to an error caused by the banks.
2) Homeowners who were told that to be eligible for a loan modification, they needed to fall behind on their mortgage—and subsequently found themselves on the path to foreclosure.
3) Homeowners were behind on their mortgage but could have caught up if not for additional fees. The padding of fees, such as late fees, broker-price opinions, inspection fees, attorney’s fees, and other fees are widespread. Read your billing statements carefully to make sure that any fees the servicer charges are legitimate and ask for itemizations and explanations when needed.
4) Mistaken foreclosures due to dual track of foreclosure and loan modification processing. Banks aren’t supposed to foreclose on homeowners until they’ve exhausted all available loss mitigation options. But foreclosures and loan modifications being processed simultaneously by different divisions within the bank can cause many struggling homeowners awaiting approval for a loan modification to be foreclosed on first.
5) Foreclosures in which the bank can’t prove it has standing to foreclose. Even in cases in which homeowners are clearly in default for reasons unrelated to servicer actions, legal experts have argued that it doesn’t mean just anyone can swoop in and take away the defaulted homeowners’ property—it has to be the person to whom the debt is owed or someone acting on behalf of the mortgage owner. And when a loan has changed hands numerous times in the securitization process, banks have had a hard time proving standing and producing the documents necessary to enforce a foreclosure.
If you want to find out how you can find errors in your mortgage documents and want to take control of your loan visit: http://www.diyloanmodkit.com/tila.html
Read more @ http://www.propublica.org/blog/item/primer-what-is-a-wrongful-foreclosure
As always,
Shawn
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